This page answers common questions students, parents and third parties might have about the 1098T tax credit. Click on the links in the sidebar to view common questions and answers to other payment-related topics.
What is a 1098-T form?
The 1098-T is an IRS form entitled “Tuition Statement” that assists the students in determining if they qualify for certain education-related tax credits under the Taxpayer Relief Act of 1997(TRA97). The IRS requires eligible educational institutions such as Aims Community College, that charge for qualified tuition and related expenses during the calendar year to provide this statement to the students and to the IRS.
Information from Form 1098-T is needed to determine eligibility for the Lifetime Learning Credit or the American Opportunity Credit provided in Internal Revenue Code Section 25A. For more information, visit the IRS website and type in “Lifetime Learning Credit” or “American Opportunity Credit” in the search bar.
What information is on the 1098-T?
On the 1098-T form, Aims Community College reports the student’s name, social security number and address and indicates if the student was at least half-time during the calendar year. Starting with the 2018 tax year, the college reports the amount paid for qualified tuition and related expenses during the calendar year. Textbooks, background checks, uniforms, etc are not included.
Students should use their personal records and college fee receipts to determine the actual amount to be reported for the educational credits.
What is the American Opportunity Credit?
The American Opportunity Tax Credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.
The amount of the credit is 100 percent of the first $2,000 of qualified education expenses you paid for each eligible student and 25 percent of the next $2,000 of qualified education expenses you paid for that student. But, if the credit pays your tax down to zero, you can have 40 percent of the remaining amount of the credit (up to $1,000) refunded to you.
What is the Lifetime Learning Credit?
The Lifetime Learning Credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses, including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.
To claim an LLC, you must meet all three of the following:
- You, your dependent or a third party pay qualified education expenses for higher education.
- You, your dependent or a third party pay the education expenses for an eligible student enrolled at an eligible educational institution.
- The eligible student is yourself, your spouse or a dependent you listed on your tax return.
When is the 1098-T available to students?
Per IRS federal regulations, the 1098-T tax form is to be available to students by January 31st each year. The 1098-T is issued to each student who has qualified payments and scholarships and grant activity for the tax year. Students can view and print their 1098-T form online by logging into Workday system and clicking on the 'Finances' app then clicking on “View My 1098-T.” Tax forms are also available in Heartland ECSI system.
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Having trouble logging into Workday?
If you are having trouble logging into Workday or the Aims website, contact the help desk at 970-339-6380 for additional assistance.
Can my parents pick up a copy of my 1098-T?
No, according to FERPA laws, only the student can pick up official documents or school records.
Are the 1098-T available online?
Yes, the 1098-T is available online either in Workday or in Heartland ECSI.
For information on how to access the tax form thru Heartland ECSI: Visit their website at https://heartland.ecsi.net/index.main.html#/access/FAQtaxDocuments#understand1098TForm
How do i access the tax form in Heartland ECSI?
There are three steps to access your 1098-T tax form.
Step 1: Create a Profile
You will need to create a profile to connect an account and access your 1098-T tax form. See Create a Profile below for step-by-step instructions.
If you already have a profile, you can skip Step 1 and go directly to Step 2 to connect your tax form account to your existing profile.
Step 2: Sign In To Your Profile
Now that you have created your profile, you will need to sign in to the profile to complete step 3 of this process. See Sign In To Your Profile for step-by-step instructions.
Step 3: Connect an Account
Once you have created a profile, you will need to connect your tax form account to your profile. See Connect An Account for step-by-step instructions.
IMPORTANT! You will need your Heartland Key to connect your account and view your tax form. See Connect An Account for instructions on how to locate your Heartland Key.
For information on how to access the tax form thru Heartland ECSI: Visit their website at https://heartland.ecsi.net/index.main.html#/access/FAQtaxDocuments#understand1098TForm
Can the information be faxed to the student, parent or tax preparer?
No, because the form contains confidential information and per FERPA laws, we are unable to fax the 1098-T information to the student or an alternate party. The information can be retrieved from our website 24/7 by the student or be requested if the student calls the Greeley Cashier’s Office and requests it to be mailed to the student using the current address on file with the college. The student can then transfer the information to the alternate party requesting the information.
If my parent calls and requests the 1098-T information, will it be released to the parent?
No, we can to release information to a parent or other party per FERPA laws. Students can grant Friends and Family access to parents/guardians in workday. Once granted, the parent/guardian can log into Workday and view information you have granted them access to.
If you need assistance setting up Friends and Family access, instructions are located online in the aims student portal under Workday Resources or you may contact the records department for assistance.
My tuition was paid by a third party, why am I getting a 1098-T?
All students who receive funding thru a third party will receive a 1098-T. This is because the college cannot determine the source of the funds coming from the third party. This is an informational form only. Consult IRS Publication 970 for further tax advice on this matter.